Not much going on in BTC today. Showing the cautiousness when closing in to the resistance at 7,800 usd. We still move in the same channel and we waiting for BTC to show us the way for the near future. We are moving up but with no volume behind it and as we haven't seen any impulsive move, i cant label it as wave 5 so far. If we get in some volume and spike upwards we may see wave 5 to start. More likely is still the scenario that we going to confirm the ascending blue support once more. From here i would give it a 60% chance to see a touch of support and a 40% chance of going up to test the resistance. It would be better for bitcoin to move down and start a impulsive move up. It gives a higher chance to break 7,800.
The overall marked is still very bullish on BTC as the comparison of long and shorts are showing us. Short are at 37,76% and longs at 62,24%
Due to the marked going so slow just now, i presented some longer term view and some basic education on Elliot wave theory as well fibonacci (Golden rule) relationship in Marius Landman premium member group. Interested? Follow the link below :-) See you soon!
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